The Expert Committee on developing the Gujarat International Finance Tech-City International Financial Services Centre (GIFT IFSC) as a ‘Global Finance and Accounting Hub’ has submitted its report to the International Financial Services Centre Authority’s (IFSCA) Chairperson on March 26, 2024.
Formed in response to a January 18, 2024, directive from the Ministry of Finance, which officially recognized book-keeping, accounting, taxation, and financial crime compliance as financial services under Sec 3(1)(e)(xiv) of IFSCA Act, 2019, according to a PIB release.
The Expert Committee was led by the President of the Institute of Chartered Accountants of India (ICAI). Its membership included experts from the industry, academia, and the Government.
The Expert Committee has recommended a comprehensive regulatory regime for undertaking bookkeeping, accounting, taxation and financial crimes compliance services from IFSC in India. Additionally, the Committee has also made several recommendations for the promotion and development of GIFT IFSC as ‘Global Finance and Accounting Hub’, including measures for enhancing the skills and competencies of the workforce.
In its report, the Committee has highlighted the potential for GIFT IFSC to become a global hub for book-keeping, accounting, taxation and financial crime compliance services, which would create large employment opportunities for the talented workforce. The report of the Expert Committee can be accessed on IFSCA website at: https://ifsca.gov.in/ReportPublication/index/aadg9ruDI%20M=